The stock price of Okta Inc (NASDAQ: OKTA) has plunged by -1.27 when compared to previous closing price of 87.54, but the company has seen a -3.20% decline in its stock price over the last five trading sessions. invezz.com reported 2024-06-16 that Famed investor Jim Cramer remains convinced that the current environment is suitable for owning stocks. Here are the top three must-own stocks that he recommends buying for 2024.
Is It Worth Investing in Okta Inc (NASDAQ: OKTA) Right Now?
The 36-month beta value for OKTA is also noteworthy at 1.01. There are mixed opinions on the stock, with 3 analysts rating it as a “buy,” 2 rating it as “overweight,” 4 rating it as “hold,” and 0 rating it as “sell.”
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The public float for OKTA is 158.38M, and at present, short sellers hold a 3.30% of that float. The average trading volume of OKTA on June 20, 2024 was 1.52M shares.
OKTA’s Market Performance
The stock of Okta Inc (OKTA) has seen a -3.20% decrease in the past week, with a -15.78% drop in the past month, and a -18.08% fall in the past quarter. The volatility ratio for the week is 2.75%, and the volatility levels for the past 30 days are at 3.39% for OKTA. The simple moving average for the past 20 days is -5.53% for OKTA’s stock, with a -0.98% simple moving average for the past 200 days.
Analysts’ Opinion of OKTA
Many brokerage firms have already submitted their reports for OKTA stocks, with Evercore ISI repeating the rating for OKTA by listing it as a “Outperform.” The predicted price for OKTA in the upcoming period, according to Evercore ISI is $122 based on the research report published on May 30, 2024 of the current year 2024.
BofA Securities, on the other hand, stated in their research note that they expect to see OKTA reach a price target of $135. The rating they have provided for OKTA stocks is “Buy” according to the report published on February 29th, 2024.
Mizuho gave a rating of “Neutral” to OKTA, setting the target price at $85 in the report published on January 08th of the current year.
OKTA Trading at -8.62% from the 50-Day Moving Average
After a stumble in the market that brought OKTA to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -24.52% of loss for the given period.
Volatility was left at 3.39%, however, over the last 30 days, the volatility rate increased by 2.75%, as shares sank -14.42% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -14.29% lower at present.
During the last 5 trading sessions, OKTA fell by -2.83%, which changed the moving average for the period of 200-days by +0.70% in comparison to the 20-day moving average, which settled at $90.76. In addition, Okta Inc saw -4.53% in overturn over a single year, with a tendency to cut further losses.
Insider Trading
Reports are indicating that there were more than several insider trading activities at OKTA starting from Kerrest Jacques Frederic, who sale 18,878 shares at the price of $87.19 back on Jun 10 ’24. After this action, Kerrest Jacques Frederic now owns 0 shares of Okta Inc, valued at $1,645,987 using the latest closing price.
Ninan Shibu, the Chief Accounting Officer of Okta Inc, sale 4,279 shares at $104.14 during a trade that took place back on Mar 19 ’24, which means that Ninan Shibu is holding 4,111 shares at $445,615 based on the most recent closing price.
Stock Fundamentals for OKTA
Current profitability levels for the company are sitting at:
- -0.17 for the present operating margin
- 0.75 for the gross margin
The net margin for Okta Inc stands at -0.12. The total capital return value is set at -0.06. Equity return is now at value -4.81, with -3.09 for asset returns.
Based on Okta Inc (OKTA), the company’s capital structure generated 0.16 points at debt to capital in total, while cash flow to debt ratio is standing at 0.52. The debt to equity ratio resting at 0.19. The interest coverage ratio of the stock is -57.57.
Currently, EBITDA for the company is -295.0 million with net debt to EBITDA at -4.48. When we switch over and look at the enterprise to sales, we see a ratio of 6.28. The receivables turnover for the company is 7.16for trailing twelve months and the total asset turnover is 0.26. The liquidity ratio also appears to be rather interesting for investors as it stands at 1.66.
Conclusion
In summary, Okta Inc (OKTA) has had a bad performance as of late. Analysts have mixed opinions on the stock, with some viewing it as a “buy” and others as a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
